[READ THIS] G2APAY CUTS SUPPORT TO GOLD SITES, SINGLE HANDILY DESTROYS THE INDUSTRY-ALREADY HAPPENED

The dramatic title for once is not overstated.

G2apay has announced that they are cutting support to people in the Runescape Industry through paypal & other methods due to the industry's unusually high fraud rate.

They have ALREADY CUT Paypal support to the following sites:

-Rsgoldfund.com
-Treegp.com
-Rsgoldmine.com
-Piegp.com
- Many Many Many More Read below how to check this.

I received an email from someone named Thomas Barbieux who is a Support Strategy Manager at G2APAY I was basically told as of 1/1/18 they are cutting support to Runescape related Industrys and are currently removing paypal options from those who are already merchants.

You can check if a site has retained paypal by trying to check out via it, if they offer paypal they still hold it temporarily HOWEVER you can expect that your favorite gold site will no longer be able to offer Paypal payments in the upcoming month, I believe they are gradually removing it a couple more each day, some of the major sites have been impacted already and more will follow. The entire industry has essentially been wrecked due to this.

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https://gyazo.com/b4e72673ee362271c20b5e15d79cd417?token=b0a3240ff6c285f17fd9c3960fe153b5

& Many more.

Many gold sites don't even seem to realize that this has happended to their site yet, some are utterly unaware that their sales are tanking because they've lost 80% of how we sell gold as an industry(paypal).

I have already attempted the following & failed:
-Offering a higher fee to g2a(I offered to double the transaction fee)
-Offered a 10% retainer that's held for 6 months

Both of the above have failed, there has been no talk as to why gold sites are dropping like Flies and I think people deserve to know.

I don't intend to cause panic but I would expect gold prices to go through the roof, the remaining few gold sites who have Paypal payment options soon wont and then the entire industry is either going to have to find a new processor(AGAIN) or start doing ID checks and other things all over again.

I have no desire to broadcast gold sites bad news but honestly theres no avoiding it, I knew they were halting support to new merchants in 2018 but this paypal shit blows.


G2a will monitor the industry for 3 months and determine whether its worthwhile to add paypal back to certain gold sites that meet its apparently much steeper paypal requirement, in the meantime sites will be without paypal for ~ 3 months and then have to PRAY that they are able to get it back. Many gold sites will likely close or not survive the next 3 months, Most will probably also get denied after those 3 months but there is a SMALL sliver of hope that you might get it back but I'm not optimistic at all.


Many of you have noticed that sites like Treegp, etc have gone offline for days now, While I cannot speak for them it seems to be in relation to this.

 

PayPal is shit and this is just another example of it. We should push everyone on the site to use a method of payment which is harder to chargeback without having to use middlemen like G2A. An example of this could be Bitcoins, a Sythe-made currency (which is on the DNS list afaik) or any other payment option which makes it harder than just clicking a few buttons and charging your money back.

 

So this is pretty much going to mean more scams to happen within these kind of sites? Although paypal really do need to sort out virtual reality currency because its just going to keep going on for years..

 

edit: Sites lagging made a double post

 

I don't see this as a big problem to the experienced websites, g2a was just a little advantage, not something they were ever relying on. If people will want to buy gold they will buy it regardless with 1 method or another, the websites will adapt and the ones that will offer most convenient payment methods will do just fine. Only shit websites will die who have no idea how to run a business

 

80% of transactions are ran through paypal.

Nearly every gold site is perm limited or can only send money, not receive via paypal itself.

Stripe doesn't support digital trades, paypal limits for them, g2a is limiting for them, Authorize doesn't support them, Skrill no longer approves new runescape business models, Venmo is reversible, WU has massive fees so it has to be big transactions only, Neteller & Ideal are country limited.

This statement is so incorrect its killing me, Gold sites absolutely relied on g2a, we had no fraud ever. Previously 10% of OUR MARGIN(meaning if u had a 18% margin) was consumed by people committing fraud via paypal & card and other methods meaning it took $18/100m down to $8/100m profit for a site.

G2a Changed all that and allowed any gold site to transact massive payments with no risk ever.

It also made the checkout process 100x easier, customers never had to submit id, notes, cards, phone calls and more, We very well may be heading back to those days now. Not only does it majorly inconvience customers now but it also causes it to be ALOT more work to do on the worker. With g2a its literally check if its pending, deliever, mark accepted.

Now you've got a process where:

Customer places order(lets assume someone found a processor)> Customer contacts chat>Worker has to look and see if theres an order> Worker has to ask customer for photo ID+ note>If its via card worker has to get card aswell> Worker may also need to get phone call or text> Worker then and only then can deliever their order.

Ordering is going to go from a 5 minute process to a 45 minute deal all over again. Why do you think LITERALLY every gold site moved to g2a? We all rely on it!

 

As i said if someone wants to buy gold they will, demand/supply will remain the same. some website will adapt to changes, shit websites won't. if you can't understand fundamentals of the market just look at it as "natural selection"

 

This what happens with Paypal. It's never a happy ending on both ends of the spectrum.

They've obviously realized the vast amount of fraud on both sides. Fraudulent buyers such as carding fraud, and also money laundering on the end of the seller.

To be honest I do not blame their decision. This "industry" has always had challenges such as this and sellers just need to accept that they will lose some income to fraud.

Seller negligence will have had some impact on this. Aka sellers just relying on G2A as a safety net/insurance scheme to cover chargeback losses. Again I do not blame G2A's decision here, anybody in their right mind in their position would not allow vendors to take advantage of their service.

People need to stop crying over fraud and just focus on increasing sales, It's an uphill battle that cannot be won. What does suck is that G2A are indeed removing the method of payment entirely from said gold sites, but that's just a minor obstacle. You can always add other fraud prevention plugins and payment processors that support paypal.

Are G2A blocking the other forms of payment too? If not then I think its just another example of the real world challenges associated with business. If the other payment options can be utilized then G2A still offer great perks. For example, when I had my contract with DDIS there were hundreds of dutch buyers purchasing with iDEAL each day.

I know paypal is the norm, especially for us westerners, but there are other payment options highly profitable if you research your demographic and target countries which use such methods.

In short. Don't waste time complaining, these gold sites combined are insignificant to G2A and bitching about it will not change anything. Just accept it and find a way around it.

 

Wont really be an issue. Will just have to put Paypal on site normally and face the chargebacks.
The reason why G2A is removing Paypal on some sites is because of the (indeed) high chargeback rates but this is in their TOS and is clearly mentioned if u would do your research before and ask everything to the G2A representative. A lot of sites (including mine) have tried to push back chargebacks as much as possible by for instance (even with the G2A protection) putting a 400$ spending limit per month for paypal, doing ip checks, and asking them to block certain emails (for instance on my site all emails ending with .it are blocked cause it's always coming from carders). Which would result in no 400$+ chargebacks for G2A which will profit u in the long run. People who did no such thing and thought this would last forever are ignorant and have clearly tried to abuse the G2A system by letting customers order what ever they want and how much they want, whenever they wanted it. My representative for G2A clearly told me that upfront before i signed the contract that they COULD remove paypal as an option if the chargeback rate would be too much. Granted, if they just give the chargeback protection on a golden platter then ofcourse many people will take it BUT that doesn't mean it will last forever and thinking thus is like mentioned already, just ignorant.

 

I'm honestly not surprised. The fraud rate in this market is ridiculous, I'm surprised G2A supported it this long. You'd have to have very high traffic for it to be worth it to them.

 

My thoughts exactly

 

holy fuckcakes finally people on the same page

 

So to kind of Segway into the next step: where to from here? PayPal is sometimes shutting down goldsite paypals. Since PayPal is a large portion of the market, is the Chinese method of throwaway paypals/multiple paypals the new norm or is there a new viable payment option that's, hopefully, better than PayPal and could be used easily by most customers

 

I never heard Paypal closing down goldsite paypals? I only heard rumors about possible tax evading and paypal abuse (sending as friends and family, instead of using masspay for example) and so on.

 

High fraud rates among other concerns have lead to them being closed

 

Other concerns like tax evasion perhaps. Receiving a lot of chargebacks is no reason for paypal to lock an account. They will most likely put a limitation on ur account in which case u always have to have a standard set amount in your paypal account that u can't spend.

 

Can't help but find this a little bit funny. Time for people to shift to cryptos fully.

 

I mean that is what a normal person would think, but too many chargebacks they might limit/close your account due to them thinking you're scamming people some way.

 

Weird, used paypal for 4 years. Had tons of chargebacks (even to such an extent i had 4.7k locked up in one month cause i had that much pending chargebacks) and that never happened to me. There's no need to sugarcoat some users. The rumors are already out there about some really high up sellers being audited and their Paypal being closed for that particular and sole reason. Same happened to the first successful clash of clans bot their Paypal. It's all well and fine the first year if ur income is small and u can stay under the radar, sadly people tend to think that will stay like that forever and risk it for the biscuit and continue it. I understand it though, no one likes to pay taxes or be honest about their income (atleast not to their government).

 

do you not mean gold prices would stay the same or rise not drop?

less sellers
less places to buy
same demand?